Rent and other associated housing costs, such as utilities, are an important part of the estimated costs of attendance at colleg
e. A group of researchers at the BYU Off-Campus Housing department want to estimate the mean monthly rent that unmarried BYU students paid during winter 2018. During March 2018, they randomly sampled 314 BYU students and found that on average, students paid $346 for rent with a standard deviation of $86. The plot of the sample data showed no extreme skewness or outliers. Calculate a 96% confidence interval estimate for the mean monthly rent of all unmarried BYU students in winter 2018.
Sensitivity analysis is the study of how the uncertainty in the output of a mathematical model or system (numerical or otherwise) can be divided and allocated to different sources of uncertainty in its inputs.
For example, [latex]\text{60%}=\frac{60}{100}[/latex] and we can simplify [latex]\frac{60}{100}=\frac{3}{5}[/latex]. Since the equation [latex]\frac{60}{100}=\frac{3}{5}[/latex] shows a percent equal to an equivalent ratio, we call it a percent proportion.
